REPORT NO. 2011-129 MARCH 2011 POLK STATE COLLEGE Financial Audit For the Fiscal Year Ended June 30, 2010-part3 pot

MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 17 Business Officers (NACUBO) also provides the College with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board (FASB). GASB allows public colleges various reporting options. The College has elected to report as an entity engaged in only business-type activities. This election requires the adoption of the accrual basis of accounting and entitywide reporting including the following components:  Management’s Discussion and Analysis  Basic Financial Statements:  Statement of Net Assets  Statement of Revenues, Expenses, and Changes in Net Assets  Statement of Cash Flows  Notes to Financial Statements  Other Required Supplementary Information: Basis of Accounting . Basis of accounting refers to when revenues, expenses, and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the measurement focus applied. The College’s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. Revenues, expenses, gains, losses, assets, and liabilities resulting from nonexchange activities are generally recognized when all applicable eligibility requirements, including time requirements, are met. The College’s component unit uses the economic resources measurement focus and accrual basis of accounting whereby revenues are recognized when earned and expenses are recognized when incurred, and follows GASB standards of accounting and financial reporting. The College follows GASB pronouncements and FASB pronouncements issued on or before November 30, 1989, unless the FASB pronouncements conflict with the GASB pronouncements. Under GASB Statement No. 20, Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting, the College has the option to elect to apply all pronouncements of FASB issued after November 30, 1989, unless those pronouncements conflict with GASB pronouncements. The College has elected not to apply FASB pronouncements issued after November 30, 1989. Significant interdepartmental sales between auxiliary service departments and other institutional departments have been accounted for as reductions of expenses and not revenues of those departments. The College’s principal operating activity is instruction. Operating revenues and expenses generally include all fiscal transactions directly related to instruction as well as administration, academic support, student services, physical plant operations, and depreciation of capital assets. Nonoperating revenues include State appropriations, Federal and State student financial aid, investment income (net of unrealized gains or losses This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 18 on investments), and revenues for capital construction projects. Interest on capital asset-related debt is a nonoperating expense. The statement of net assets is presented in a classified format to distinguish between current and noncurrent assets and liabilities. When both restricted and unrestricted resources are available to fund certain programs, it is the College’s policy to first apply the restricted resources to such programs followed by the use of the unrestricted resources. The statement of revenues, expenses, and changes in net assets is presented by major sources and is reported net of tuition scholarship allowances. Tuition scholarship allowances are the differences between the stated charge for goods and services provided by the College and the amount that is actually paid by the student or the third party making payment on behalf of the student. The College is able to identify, within its accounting system, amounts paid for tuition and fees by financial aid. The College records a scholarship allowance against tuition and fees for the total amount paid by financial aid. The statement of cash flows is presented using the direct method in compliance with GASB Statement No. 9, Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting. Cash and Cash Equivalents . The amount reported as cash and cash equivalents consists of cash on hand, cash in demand accounts, and money market accounts. For the purpose of reporting cash flows, the College considers all highly liquid investments with original maturities of three months or less to be cash equivalents. College cash deposits are held in banks qualified as public depositories under Florida law. All such deposits are insured by Federal depository insurance, up to specified limits, or collateralized with securities held in Florida’s multiple financial institution collateral pool required by Chapter 280, Florida Statutes. Cash and cash equivalents that are externally restricted to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital or other restricted assets are classified as restricted. Capital Assets . College capital assets consist of land; construction in progress; buildings; other structures and improvements; furniture, machinery, and equipment; leasehold improvements; and assets under capital leases. These assets are capitalized and recorded at cost at the date of acquisition or at estimated fair value at the date received in the case of gifts and purchases of State surplus property. Additions, improvements, and other outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. The College has a capitalization threshold of $5,000 for tangible personal property and $25,000 for buildings and other structures and improvements. Depreciation is computed on the straight-line basis over the following estimated useful lives:  Buildings – 40 years  Other Structures and Improvements – 10 years  Leasehold Improvements – Life of Lease – 20 years  Furniture, Machinery, and Equipment: This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 19  Computer Equipment – 3 years  Vehicles, Office Machines, and Educational Equipment – 5 years  Furniture – 7 years  Assets Under Capital Lease – 5 years Noncurrent Liabilities . Noncurrent liabilities include bonds payable, compensated absences payable, and other postemployment benefits payable that are not scheduled to be paid within the next fiscal year. 2. INVESTMENTS The College’s Board of Trustees has adopted a written investment policy providing that surplus funds of the College shall be invested in those institutions and instruments permitted under the provisions of Florida Statutes. Section 218.415(16), Florida Statutes, authorizes the College to invest in the Florida PRIME Investment Pool, formerly known as the Local Government Surplus Funds Trust Fund investment pool, administered by the State Board of Administration; interest-bearing time deposits and savings accounts in qualified public depositories, as defined by Section 280.02, Florida Statutes; direct obligations of the United States Treasury; obligations of Federal agencies and instrumentalities; securities of, or interests in, certain open-end or closed-end management type investment companies; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; and other investments approved by the College’s Board of Trustees as authorized by law. State Board of Education Rule 6A-14.0765(3), Florida Administrative Code, provides that College loan, endowment, annuity, and life income funds may also be invested pursuant to Section 215.47, Florida Statutes. Investments authorized by Section 215.47, Florida Statutes, include bonds, notes, commercial paper, and various other types of investments. Investments set aside to make debt service payments, maintain sinking or reserve funds, or to purchase or construct capital assets are classified as restricted. State Board of Administration Debt Service Accounts The College reported investments at fair value totaling $18,947 at June 30, 2010, in the State Board of Administration Debt Service Accounts. These investments are used to make debt service payments on bonds issued by the State Board of Education for the benefit of the College. The College’s investments consist of United States Treasury securities, with maturity dates of six months or less, and are reported at fair value. The College relies on policies developed by the State Board of Administration for managing interest rate risk or credit risk for this account. Disclosures for the Debt Service Accounts are included in the notes to financial statements of the State’s Comprehensive Annual Financial Report. This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 20 Component Unit Investments Investments held by the College’s component unit (Foundation) at December 31, 2009, are reported at fair market value as follows: Investment Type Fair Value Money Market Funds 13,798,537$ Mutual Stock Funds 7,525,274 Mutual Allocation Funds 45,039 Mutual Bond Funds 6,761,493 Total Investments 28,130,343$ Interest Rate Risk: Interest rate risk is the risk that changes interest rates will adversely affect the fair value of an investment. As a means of limiting its exposure to fair value losses arising from rising interest rates, the Foundation’s investment policy limits the maximum maturity for any fixed-income security to 30 years, and limits the weighted-average portfolio maturity to not more than 15 years. The Foundation’s maturities for its investments in mutual bond funds, which had a weighted-average maturity of 6.17 years, were as follows at December 31, 2009: Investment Type Investment Maturities (In Years) Fair Value Less Than 1 1 - 5 6 - 10 More Than 10 Mutual Bond Funds 6,761,493$ 264$ 3,030,675$ 754,224$ 2,976,330$ Credit Risk: Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The Foundation’s investment policy is to invest only in fixed-income investment grade bonds rated BBB (or equivalent) or better except that up to 10 percent of the portfolio can be invested in mutual funds that focus their investment strategy on below investment grade bonds. Also, the Foundation’s policy allows investments in commercial paper rated A1 (or equivalent) or better. As a means of limiting exposure to credit defaults, the Foundation focuses its fixed income portfolio on bond funds of higher credit quality. Of the seven bond funds, one fund focuses on investing in lower rated securities, which tend to have a higher degree of credit risk. The investment in this fund is less than $40,000 and represents a small allocation of the overall portfolio. The average credit quality of the portfolio is AA. Concentration of Credit Risk: Concentration of credit risk is the risk of loss attributed to the magnitude of the Foundation’s investment in a single issuer. The stock component of the portfolio is invested across 30 mutual funds with the largest individual fund allocation comprising approximately 6 percent of the total portfolio. These funds invest in a variety of securities. When the individual holdings of the funds are aggregated, it is not expected that any one equity security makes up over 1 percent of the overall portfolio. This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 21 3. ACCOUNTS RECEIVABLE Accounts receivable represent amounts for student fee deferments, various student services provided by the College, and grant reimbursements due from third parties. These receivables are reported net of a $144,730 allowance for uncollectible accounts. 4. NOTES RECEIVABLE Notes receivable represent student loans made under the College’s short-term loan program. Notes receivable are reported net of a $46,195 allowance for uncollectible notes. 5. DUE FROM OTHER GOVERNMENTAL AGENCIES This amount primarily consists of $6,762,919 of Public Education Capital Outlay allocations due from the State for construction of College facilities. 6. DUE FROM COMPONENT UNIT The $84,179 reported as due from component unit mainly consists of amounts owed to the College by the Foundation for sponsored nursing instruction. The College’s financial statements are reported for the fiscal year ended June 30, 2010. The component unit’s financial statements are reported for the six-month period ending December 31, 2009. Accordingly, although the College reported an amount due from the component unit on the statement of net assets, the component unit did not report an amount due to the College. 7. CAPITAL ASSETS Capital assets activity for the fiscal year ended June 30, 2010, is shown below: This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 22 Description Beginning Additions Reductions Ending Balance Balance Nondepreciable Capital Assets: Land 4,577,601$ $ $ 4,577,601$ Construction in Progress 49,800 2,695,911 2,745,711 Total Nondepreciable Capital Assets 4,627,401$ 2,695,911$ $ 7,323,312$ Depreciable Capital Assets: Buildings 78,514,672$ $ $ 78,514,672$ Other Structures and Improvements 5,090,811 150,632 5,241,443 Furniture, Machinery, and Equipment 4,896,940 452,815 199,002 5,150,753 Leasehold Improvements 493,964 493,964 Assets Under Capital Lease 1,054,941 1,054,941 Total Depreciable Capital Assets 90,051,328 603,447 199,002 90,455,773 Less, Accumulated Depreciation: Buildings 26,014,059 2,046,984 28,061,043 Other Structures and Improvements 3,734,439 202,811 3,937,250 Furniture, Machinery, and Equipment 3,135,409 819,751 199,002 3,756,158 Leasehold Improvements 49,396 24,698 74,094 Assets Under Capital Lease 1,054,941 1,054,941 Total Accumulated Depreciation 33,988,244 3,094,244 199,002 36,883,486 Total Depreciable Capital Assets, Net 56,063,084$ (2,490,797)$ $ 53,572,287$ 8. DEFERRED REVENUE At June 30, 2010, the College reported $322,105 in deferred revenue for student tuition and fees received prior to fiscal year-end related to subsequent accounting periods. 9. LONG-TERM LIABILITIES Long-term liabilities of the College at June 30, 2010, include bonds payable, compensated absences payable, and other postemployment benefits payable. Long-term liabilities activity for the fiscal year ended June 30, 2010, is shown below: Description Beginning Additions Reductions Ending Current Balance Balance Portion Bonds Payable 795,000$ $ 85,000$ 710,000$ 85,000$ Compensated Absences Payable 2,156,838 179,703 123,970 2,212,571 12,858 Other Postemployment Benefits Payable 53,209 83,418 43,164 93,463 Total Long-Term Liabilities 3,005,047$ 263,121$ 252,134$ 3,016,034$ 97,858$ Bonds Payable . The State Board of Education issues capital outlay bonds on behalf of the College. These bonds mature serially and are secured by a pledge of the College’s portion of the State-assessed motor vehicle license tax and by the State’s full faith and credit. The State Board of Education and the State Board of Administration administer the principal and interest payments, investment of debt service resources, and compliance with reserve requirements. The College had the following bonds payable at June 30, 2010: This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 23 Bond Type Amount Interest Annual Outstanding Rates Maturity (Percent) To State Board of Education Capital Outlay Bonds: Series 2005A 710,000$ 5.0 2017 Annual requirements to amortize all bonded debt outstanding as of June 30, 2010, are as follows: Fiscal Year State Board of Education Capital Outlay Bonds Ending June 30 Principal Interest Total 2011 85,000$ 35,500$ 120,500$ 2012 90,000 31,250 121,250 2013 95,000 26,750 121,750 2014 100,000 22,000 122,000 2015 110,000 17,000 127,000 2016-2017 230,000 17,250 247,250 Total 710,000$ 149,750$ 859,750$ Compensated Absences Payable . College employees may accrue annual and sick leave based on length of service, subject to certain limitations regarding the amount that will be paid upon termination. The College reports a liability for the accrued leave; however, State appropriations fund only the portion of accrued leave that is used or paid in the current fiscal year. Although the College expects the liability to be funded primarily from future appropriations, generally accepted accounting principles do not permit the recording of a receivable in anticipation of future appropriations. At June 30, 2010, the estimated liability for compensated absences, which includes the College’s share of the Florida Retirement System and FICA contributions, totaled $2,212,571. Of this amount, $12,858 is considered a current liability as this is expected to be paid in the coming fiscal year. The College calculates its current portion of compensated absences liability by applying the remaining percentage of time for those employees in the Deferred Retirement Option Program plus the total payouts of all employees who have notified the College that they are leaving employment during the next fiscal year. Other Postemployment Benefits Payable . The College follows Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, for certain other postemployment healthcare and life insurance benefits provided by the Florida College System Risk Management Consortium (Consortium). Plan Description. The College contributes to an agent, multiple-employer defined-benefit plan administered by the Consortium. Pursuant to the provisions of Section 112.0801, Florida Statutes, former employees who retire from the College are eligible to participate in the College’s healthcare and life insurance benefits. The College subsidizes the premium rates paid by retirees by allowing them to participate in the plans at reduced or blended group (implicitly subsidized) premium rates for both active and retired employees. These rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and future claims are This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 24 expected to result in higher costs to the plans on average than those of active employees. The College does not offer any explicit subsidies for retiree coverage. Retirees are required to enroll in the Federal Medicare program for their primary health coverage as soon as they are eligible. Neither the College nor the Consortium issue a stand-alone annual report for the plan and the plan is not included in the annual report of a public employees’ retirement system or another entity. Funding Policy. Plan benefits are pursuant to provisions of Section 112.0801, Florida Statutes, and the Board of Trustees can amend the benefits and contribution rates. The College has not advance-funded or established a funding methodology for the annual other postemployment benefit (OPEB) costs or the net OPEB obligation, and the plans are financed on a pay-as-you-go basis. For the 2009-10 fiscal year, 50 retirees received postemployment healthcare benefits, and 44 retirees received postemployment life insurance benefits. The College provided required contributions of $83,669 toward the annual OPEB cost, comprised of benefit payments made on behalf of retirees for claim expenses (net of reinsurance), administrative expenses, and reinsurance premiums. Retiree contributions totaled $274,669. Annual OPEB Cost and Net OPEB Obligation. The College’s annual OPEB cost (expense) is calculated based on the annual required contribution (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities over a period not to exceed 30 years. The following table shows the College’s annual OPEB cost for the year, the amount actually contributed to the plans, and changes in the College’s net OPEB obligation: Description Amount Normal Cost (Service Cost for One Year) 58,488$ Amortization of Unfunded Actuarial Accrued Liability 25,181 Annual Required Contribution 83,669 Interest on Net OPEB Obligation 1,596 Adjustment to Annual Required Contribution (1,847) Annual OPEB Cost (Expense) 83,418 Contribution Toward the OPEB Cost (43,164) Increase in Net OPEB Obligation 40,254 Net OPEB Obligation, Beginning of Year 53,209 Net OPEB Obligation, End of Year 93,463$ The College’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plans, and the net OPEB obligation as of June 30, 2010, and for the transition and preceding years, were as follows: This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 25 Fiscal Year Annual Percentage of Net OPEB OPEB Cost Annual Obligation OPEB Cost Contributed Beginning Balance, July 1, 2007 $ $ 2007-08 72,371 70.3% 21,503 2008-09 72,299 56.1% 53,209 2009-10 83,669 51.7% 93,463 Funded Status and Funding Progress. As of July 1, 2009, the most recent valuation date, the actuarial accrued liability for benefits was $733,413 and the actuarial value of assets was $0, resulting in an unfunded actuarial accrued liability of $733,413 and a funded ratio of 0 percent. The covered payroll (annual payroll of active participating employees) was $15,746,831 for the 2009-10 fiscal year, and the ratio of the unfunded actuarial accrued liability to the covered payroll was 4.7 percent. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment and termination, mortality, and healthcare cost trends. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The Schedule of Funding Progress, presented as required supplementary information following the notes to financial statements, presents multiyear trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits. Actuarial Methods and Assumptions. Projections of benefits for financial reporting purposes are based on the substantive plan provisions, as understood by the employer and participating members, and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit costs between the employer and participating members. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations. The College’s OPEB actuarial valuation as of July 1, 2009, used the projected unit credit actuarial method to estimate the unfunded actuarial liability as of June 30, 2010, and the College’s 2009-10 fiscal year ARC. This method was selected because it is the same method used in the private sector for determination of retiree medical liabilities. Because the OPEB liability is currently unfunded, the actuarial assumptions included a 3 percent rate of return on invested assets, which is the College’s expectation of investment returns under its investment policy. The actuarial assumptions also included a payroll growth rate of 3 percent per year, and an annual healthcare cost trend rate of 8 percent for the 2009-10 fiscal year, reduced by 0.1 to 0.3 percent per year, to an ultimate rate of 4.5 percent after 17 years. The unfunded actuarial accrued liability is being amortized as a level percentage of payroll amortized over 30 years. The remaining amortization period at June 30, 2010, was 27 years. This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011-129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF FLORIDA NOTES TO FINANCIAL STATEMENTS (C ONTINUED) J UNE 30, 2010 26 10. RETIREMENT PROGRAMS Florida Retirement System . Essentially all regular employees of the College are eligible to enroll as members of the State-administered Florida Retirement System (FRS). Provisions relating to FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and Florida Retirement System Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are defined and described in detail. FRS is a single retirement system administered by the Department of Management Services, Division of Retirement, and consists of two cost-sharing, multiple-employer retirement plans and other nonintegrated programs. These include a defined-benefit pension plan (Plan), a Deferred Retirement Option Program (DROP), and a defined-contribution plan, referred to as the Public Employee Optional Retirement Program (PEORP). Employees in the Plan vest at six years of service. All vested members are eligible for normal retirement benefits at age 62 or at any age after 30 years of service, which may include up to 4 years of credit for military service. The Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The Plan provides retirement, disability and death benefits, and annual cost-of-living adjustments. DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with an FRS employer. An employee may participate in DROP for a period not to exceed 60 months after electing to participate. During the period of DROP participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The State of Florida establishes contribution rates for participating employers. Contribution rates during the 2009-10 fiscal year were as follows: Class Percent of Gross Salary Employee Employer (A) Florida Retirement System, Regular 0.00 9.85 Florida Retirement System, Senior Management Service 0.00 13.12 Deferred Retirement Option Program - Applicable to Members from All of the Above Classes 0.00 10.91 Florida Retirement System, Reemployed Retiree (B) (B) Notes: (A) (B) Employer rates include 1.11 percent for the postemployment health insurance subsidy. Also, employer rates, other than for DROP participants, include 0.05 percent for administrative costs of the Public Employee Optional Retirement Program. Contribution rates are dependent upon retirement class in which reemployed. The College’s liability for participation is limited to the payment of the required contribution at the rates and frequencies established by law on future payrolls of the College. The College’s contributions for the fiscal This is trial version www.adultpdf.com . Foundation for sponsored nursing instruction. The College s financial statements are reported for the fiscal year ended June 30, 2010. The component unit’s financial statements are reported for the. activity for the fiscal year ended June 30, 2010, is shown below: This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011- 129 POLK STATE COLLEGE A COMPONENT UNIT OF THE STATE OF. included in the notes to financial statements of the State s Comprehensive Annual Financial Report. This is trial version www.adultpdf.com MARCH 2011 REPORT NO. 2011- 129 POLK STATE COLLEGE A